analyzeportfolio
NYSE · Industrials

Westinghouse Air Brake Technologies Corp. (WAB)

As-reported financials and SEC filings for Westinghouse Air Brake Technologies Corp. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Westinghouse Air Brake Technologies Corp.

Wabtec Corporation manufactures and services technology-based locomotives, equipment, systems, and services primarily for the global freight rail and passenger transit industries. Its products include diesel-electric locomotives, rail control systems, braking equipment, and digital intelligence solutions, serving customers such as railroads, transit authorities, and equipment manufacturers. The company operates through two segments: Freight, which focuses on locomotives and aftermarket services, and Transit, which provides components and services for passenger transit vehicles.

Snapshot

Revenue
$11.17B
Revenue growth (YoY)
7.5%
Net income
$1.17B
Diluted EPS
$6.83
Gross margin
34.1%
Operating margin
16.1%
Net margin
10.5%
FCF margin
13.4%
ROE
10.5%
net income / fiscal-year-end equity
P/E
38.6×
trailing when available, otherwise FY EPS
Market cap
$48.45B
Long-term debt / equity
0.38×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Westinghouse Air Brake Technologies

  • Revenue grew 7.5% to $11.2B in FY2025, in line with the 7.3% the year before.
  • Operating margin is 16.1% in FY2025, +4.9 pp against 11.2% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $3.2B, up 17.5% from Q2 FY2025.
  • Free cash flow was $1.5B in FY2025, 13.4% of revenue.
  • Net income rose 10.8% to $1.2B in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Westinghouse Air Brake Technologies’s fundamentals sit among the 668 Industrials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin34.1%
62nd percentile of 455
Operating margin16.1%
81st percentile of 598
Net margin10.5%
76th percentile of 630
FCF margin13.4%
81st percentile of 546
Revenue growth (YoY)+7.5%
58th percentile of 652
ROE10.5%
61st percentile of 590
P/E38.6×
81st percentile of 406
Long-term debt / equity0.38×
40th percentile of 403
Short interest4.13d
64th percentile of 661

No reported insider purchases (code P) in the last 90 days; 37 insider sales totaling $7.4M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 3 of the superinvestors we track (plus 5 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
3
+5 quant / multi-strat
Initiated / added
6
1 new, 5 added
Reduced / exited
3
2 trimmed, 1 exited
Combined position
$493.7M
reported long value
InvestorAs ofPosition valueSharesChange
AQR Capital ManagementquantQ2 2026$369.6M1.4MAdded
Two Sigma InvestmentsquantQ2 2026$29.8M110.6KReduced
Citadel AdvisorsquantQ2 2026$26.6M98.5KAdded
Millennium ManagementquantQ2 2026$25.7M95.3KAdded
Gotham Asset ManagementQ2 2026$16.4M60.8KAdded
Duquesne Family OfficeQ2 2026$15.3M56.6KReduced
D. E. ShawquantQ2 2026$7.2M26.8KAdded
Bridgewater AssociatesQ2 2026$3.2M11.7KNew

No longer held by: Renaissance Technologies (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
37
$7.4M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-10-06
filed 2026-10-07
Rafael SantanaPresident and CEOSell345$292.33$101K
2026-10-06
filed 2026-10-07
Rafael SantanaPresident and CEOSell261$293.34$77K
2026-10-06
filed 2026-10-07
Rafael SantanaPresident and CEOSell259$291.37$75K
2026-10-06
filed 2026-10-07
Rafael SantanaPresident and CEOSell222$294.16$65K
2026-10-05
filed 2026-10-07
Rafael SantanaPresident and CEOSell614$292.36$180K
2026-10-05
filed 2026-10-07
Rafael SantanaPresident and CEOSell278$291.52$81K
2026-10-05
filed 2026-10-07
Rafael SantanaPresident and CEOSell84$292.99$25K
2026-10-05
filed 2026-10-07
Rafael SantanaPresident and CEOSell42$287.24$12K
2026-10-05
filed 2026-10-07
Rafael SantanaPresident and CEOSell36$288.14$10K
2026-10-05
filed 2026-10-07
Rafael SantanaPresident and CEOSell33$289.96$10K
2026-09-02
filed 2026-09-03
Rafael SantanaPresident and CEOSell370$279.21$103K
2026-09-02
filed 2026-09-03
Rafael SantanaPresident and CEOSell323$280.21$91K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
3.5M
settled 2026-09-30
Change vs prior
-2.6%
vs previous settlement
Days to cover
4.13
at avg daily volume
Avg daily volume
857.5K
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-303.5M-2.6%4.13
2026-09-153.6M+9.2%5.13
2026-08-313.3M+19.1%4.03
2026-08-142.8M-27.2%3.01
2026-07-313.8M+13.4%3.00
2026-07-153.4M+12.2%4.95
2026-06-303.0M-0.4%2.98
2026-06-153.0M+1.3%4.10

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$11.17B$10.39B$9.68B$8.36B$7.82B
Gross profit
Operating income$1.79B$1.61B$1.27B$1.01B$876.0M
Net income$1.17B$1.06B$815.0M$633.0M$558.0M
Diluted EPS$6.83$6.04$4.53$3.46$2.96

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$1.76B$1.83B$1.20B$1.04B$1.07B
Capital expenditure$260.0M$207.0M$186.0M$149.0M$130.0M
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$3.18B17.5%$395.0M$2.33
Q1 FY2026$2.95B13.0%$362.0M$2.12
Q4 FY202514.8%
Q3 FY2025$2.89B8.4%$310.0M$1.81
Q2 FY2025$2.71B2.3%$336.0M$1.96
Q1 FY2025$2.61B4.5%$322.0M$1.88
Q4 FY20242.3%
Q3 FY2024$2.66B4.4%$283.0M$1.63

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNYSE
SectorIndustrials
SIC industryRailroad Equipment
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2018
SEC CIK943452

Selected SEC filings

10-K2026-02-13
View on EDGAR →
10-K2025-02-12
View on EDGAR →
10-Q2026-07-22
View on EDGAR →
10-Q2026-04-22
View on EDGAR →
10-Q2025-10-22
View on EDGAR →
10-Q2025-07-24
View on EDGAR →
8-K2026-10-01
View on EDGAR →
8-K2026-07-22
View on EDGAR →

Largest Industrials peers

All Industrials companies →

Monitor WAB

Get an alert when Westinghouse Air Brake Technologies files something material, see which superinvestors own it, and ask its filings a question with cited answers.

Monitor WAB free

Includes one free filing-grounded research answer. Or check your whole portfolio, no account needed.

Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.